It is due to go on sale in April as a kit with an 18-55mm lens, priced £599.99.
Commenting on the rationale behind the original EOS M – launched in 2012 – Canon UK product intelligence consultant David Parry said: ‘We were trying to attract more people to SLR-style photography.
‘We have done that and shown what big sensors are capable of.’
Parry explained that Canon now wants to target ‘enthusiasts’ with a camera smaller and lighter than DSLRs.
The M3 features a new 49-point AF system – the Hybrid CMOS AF III – capable of focusing more than six times faster than the AF on the original EOS M, according to Canon.
Photographers can select AF points using the 3in LCD touchscreen borrowed from the PowerShot G1 X Mark II.
It tilts upwards by 180° and down 45°. The monitor also allows access to the camera’s menu system.
The EOS M3 includes a hotshoe for Speedlite flash units, plus a built-in pop-up flash.
It is compatible with four EF-M lenses and the optional tilt-type EVF-DC1 (£259.99), which attaches via the hotshot.
The M3 offers full manual control in movies, plus focus peaking, in addition to Wi-Fi and NFC control – for image sharing, as well as remote control using a smartphone, for example.